XE Market Analysis: North America – Oct 23, 2020

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The dollar fell back concomitantly with rallying European stock markets and U.S. index futures, which was likely a repositioning dynamic after declining over the last two weeks. EUR-USD rebounded quite strongly, rising back above 1.1850 from a three-day low at 1.1787. Preliminary October PMI data in the services and composite readings out of the Eurozone and UK undershot the median forecast of economists, but didn’t impact the euro or sterling. Cable settled at near net unchanged levels around 1.3065-70 after dropping back from a high at 1.3114.